Economy Current Affairs
April 2012 Economic Affairs
Category : Economy Current Affairs
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April 2012

The Union government on 12 April 2012 approved Rs 30000 crore bailout for Air India. In this regard, Rs 6750 crore would be infused immediately to meet the airline`s working capital requirement. The Rs 30000 crore-bailout package was approved in addition to the equity infusion of Rs 3200 crore already in place.

The Union Cabinet on 12 April 2012 approved a proposal to set up a Special Purpose Vehicle (SPV) for Goods and Services Tax Network (GSTN) to help facilitate the smooth introduction of the new indirect tax regime. GSTN SPV is to be incorporated as Section 25 not-for-profit private limited company in which strategic control would be held by the Centre. It will provide IT infrastructure and services to various stakeholders including the Centre and states.

The Union Cabinet on 12 April 2012 approved the extension of funding support for implementing the Swavalamban Scheme under the New Pension System (NPS) from three years to five years for all subscribers enrolled during 2010-11, 2011-12 and 2012-13. The decision will benefit 70 lakh workers in the unorganised sector. The Cabinet decided to provide an additional funding support of Rs 2065 crore to the scheme until 2016-17.